Senate Bill sb2018c1
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    Florida Senate - 2003                           CS for SB 2018
    By the Committee on Judiciary; and Senator Diaz de la Portilla
    308-2013-03
  1                      A bill to be entitled
  2         An act relating to sales disclosures; creating
  3         s. 475.423, F.S.; specifying the transactions
  4         that are subject to the requirements of the
  5         act; providing definitions; requiring that
  6         certain disclosures be made by the transferor
  7         or his or her agent with respect to real
  8         property located within a flood hazard area, an
  9         area with severe constraints for development,
10         an area having sinkhole activity, a wellhead
11         protection area, a priority wetland zone, a
12         habitat conservation area, an airport influence
13         area, an environmental site, or a radon gas
14         zone; providing that the waiver of such
15         requirements is against public policy;
16         providing certain exceptions; specifying the
17         form to be used as the Property Identification
18         Disclosure Statement; providing requirements
19         for identifying information that accompanies
20         the disclosure statement; prohibiting the use
21         of the disclosure statement by certain entities
22         other than the transferor, the transferor's
23         agents, and the transferee; providing
24         requirements for delivery of the required
25         disclosure statement; providing a limitation
26         with respect to liability for errors,
27         inaccuracy, or omissions; requiring a third
28         party that provides information with respect to
29         the disclosure statement to maintain a
30         specified amount of insurance protection;
31         providing that certain subsequent inaccuracies
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 1         with respect to the information disclosed are
 2         not a violation of the act; requiring that
 3         disclosures be made in good faith; providing
 4         that the act does not limit or abridge other
 5         disclosures required by law; authorizing the
 6         amendment of a disclosure; providing for
 7         delivery of disclosures; providing requirements
 8         for the licensee or broker acting as an agent
 9         in a transaction subject to the act; providing
10         an effective date.
11  
12  Be It Enacted by the Legislature of the State of Florida:
13  
14         Section 1.  Section 475.423, Florida Statutes, is
15  created to read:
16         475.423  Property identification disclosure
17  statement.--
18         (1)(a)  Except as provided in subsection (2), this
19  section applies to any transfer by sale, exchange, or
20  installment land sale contract of residential, undeveloped, or
21  commercial land, wherein one party agrees to convey title to
22  real property to another party upon the satisfaction of
23  specified conditions set forth in the contract and which does
24  not require conveyance of title within 1 year after the date
25  of formation of the contract, lease with an option to
26  purchase, any other option to purchase, ground lease coupled
27  with improvements of any real property described in paragraph
28  (c), or residential stock cooperative, improved with or
29  consisting of not less than one or more than four dwelling
30  units.
31  
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 1         (b)  The transferor or his or her agent is required by
 2  one or more of the following to disclose the property's
 3  location within an applicable zone:
 4         1.  A person who is either acting as an agent for a
 5  transferor of real property that is located within a special
 6  flood hazard area, which is any type Zone "A" or "V" as
 7  designated by the Federal Emergency Management Agency, or the
 8  transferor, if he or she is acting without an agent, shall
 9  disclose to any prospective transferee the fact that the
10  property is located within a special flood hazard area if:
11         a.  The transferor, or the transferor's agent, has
12  actual knowledge that the property is within a special flood
13  hazard area; or
14         b.  Other readily available and officially adopted
15  governmental information exists regarding the flood zone.
16         2.  A person who is acting as an agent for a transferor
17  of real property that is located on soils with very severe
18  constraints for development, or the transferor, if he or she
19  is acting without an agent, shall disclose to any prospective
20  transferee the fact that the property is located on soils with
21  very severe constraints for development pursuant to maps
22  issued by the United States Department of Agriculture or other
23  readily available and officially adopted governmental maps and
24  information if:
25         a.  The transferor, or the transferor's agent, has
26  actual knowledge that the property is on soils with very
27  severe constraints for development; or
28         b.  Other readily available and officially adopted
29  governmental information exists regarding the soils with very
30  severe constraints for development.
31  
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 1         3.  A person who is acting as an agent for a transferor
 2  of real property that is located in an area impacted by
 3  sinkhole activity, or the transferor if he or she is acting
 4  without an agent, shall disclose to any prospective transferee
 5  the fact that the property is located in an area impacted by
 6  sinkhole activity pursuant to readily available and officially
 7  adopted governmental maps and information if:
 8         a.  The transferor, or the transferor's agent, has
 9  actual knowledge that the property is in an area impacted by
10  sinkhole activity; or
11         b.  Other readily available and officially adopted
12  governmental information exists regarding sinkhole activity.
13         4.  A person who is acting as an agent for a transferor
14  of real property that is located within one quarter of a mile
15  of a wellhead protection area, or the transferor if he or she
16  is acting without an agent, shall disclose to any prospective
17  transferee the fact that the property is located within one
18  quarter of a mile of a wellhead protection area according to
19  maps issued by the Department of Environmental Protection or a
20  water management district or other readily available and
21  officially adopted governmental maps and information if:
22         a.  The transferor, or the transferor's agent, has
23  actual knowledge that the property is located within one
24  quarter of a mile of a wellhead protection area; or
25         b.  Other readily available and officially adopted
26  governmental information exists regarding a wellhead
27  protection area.
28         5.  A person who is acting as an agent for a transferor
29  of real property that is located in a priority wetland zone,
30  or the transferor if he or she is acting without an agent,
31  shall disclose to any prospective transferee the fact that the
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 1  property is located in a priority wetland zone pursuant to
 2  maps issued by the Fish and Wildlife Conservation Commission
 3  or other readily available and officially adopted governmental
 4  maps and information if:
 5         a.  The transferor, or the transferor's agent, has
 6  actual knowledge that the property is located in a priority
 7  wetland zone; or
 8         b.  Other readily available and officially adopted
 9  governmental information regarding a priority wetland zone.
10         6.  A person who is acting as an agent for a transferor
11  of real property that is located in a strategic habitat
12  conservation area, or the transferor if he or she is acting
13  without an agent, shall disclose to any prospective transferee
14  the fact that the property is located in a strategic habitat
15  conservation area pursuant to maps issued by the Fish and
16  Wildlife Conservation Commission or other readily available
17  and officially adopted governmental maps and information if:
18         a.  The transferor, or the transferor's agent, has
19  actual knowledge that the property is located in a strategic
20  habitat conservation area; or
21         b.  Other readily available and officially adopted
22  governmental information exists regarding a strategic habitat
23  conservation area.
24         7.  A person who is acting as an agent for a transferor
25  of real property that is located within 2 statute miles of an
26  airport influence area or a landing facility approved by the
27  Federal Aviation Administration, or the transferor if he or
28  she is acting without an agent, shall disclose to any
29  prospective transferee the fact that the property is located
30  within 2 statute miles of an airport influence area or a
31  landing facility approved by the Federal Aviation
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 1  Administration, the Department of Transportation, Division of
 2  Aeronautics, and local land use commission if:
 3         a.  The transferor, or the transferor's agent, has
 4  actual knowledge that the property is located within 2 statute
 5  miles of an airport influence area or a landing facility
 6  approved by the Federal Aviation Administration; or
 7         b.  Other readily available and officially adopted
 8  governmental information exists regarding an airport influence
 9  area or a landing facility approved by the Federal Aviation
10  Administration.
11         8.  A person who is acting as an agent for a transferor
12  of real property that is located within a quarter of a mile of
13  an environmental site, limited to filed governmental reports,
14  or the transferor if he or she is acting without an agent,
15  shall disclose to any prospective transferee the fact that the
16  property is located within a quarter of a mile of an
17  environmental site, including leaking underground storage
18  tanks, solid waste landfills, incinerators or transfer
19  stations, national priority list sites, or CERCLIS sites under
20  review by the United States Environmental Protection Agency
21  if:
22         a.  The transferor, or the transferor's agent, has
23  actual knowledge that the property is located within a quarter
24  of a mile of an environmental site; or
25         b.  Other readily available and officially adopted
26  governmental information exists regarding environmental
27  hazards sites.
28         9.  A person who is acting as an agent for a transferor
29  of real property that is located within a mapped radon gas
30  potential zone pursuant to maps issued by the United States
31  Environmental Protection Agency or other readily available and
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 1  officially adopted governmental maps and information shall
 2  disclose to any prospective transferee the fact that the
 3  property is located within a mapped radon gas potential zone
 4  if:
 5         a.  The transferor, or the transferor's agent, has
 6  actual knowledge that the property is located in a mapped
 7  radon gas potential zone; or
 8         b.  Other readily available and officially adopted
 9  governmental information exists regarding radon gas.
10         (c)  Any waiver of the requirements of this section is
11  void as against public policy.
12         (2)(a)  This section does not apply to the following
13  transfers:
14         1.  Transfers pursuant to court order, including, but
15  not limited to, transfers ordered by a probate court in
16  administration of an estate, transfers pursuant to a writ of
17  execution, transfers by any foreclosure sale, transfers by a
18  trustee in bankruptcy, transfers by eminent domain, and
19  transfers resulting from a decree for specific performance.
20         2.  Transfers to a mortgagee by a mortgagor or
21  successor in interest who is in default, transfers to a
22  beneficiary of a deed of trust by a trustor or successor in
23  interest who is in default, transfers by any foreclosure sale
24  after default, transfers by any foreclosure sale after default
25  in an obligation secured by a mortgage, transfers by a sale
26  under a power of sale or any foreclosure sale under a decree
27  of foreclosure after default in an obligation secured by a
28  deed of trust or secured by any other instrument containing a
29  power of sale, or transfers by a mortgagee or a beneficiary
30  under a deed of trust who has acquired the real property at a
31  sale conducted pursuant to a power of sale under a mortgage or
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 1  deed of trust or a sale pursuant to a decree of foreclosure or
 2  has acquired the real property by a deed in lieu of
 3  foreclosure.
 4         3.  Transfers by a fiduciary in the course of the
 5  administration of a decedent's estate, guardianship,
 6  conservatorship, or trust.
 7         4.  Transfers from one coowner to one or more other
 8  coowners.
 9         5.  Transfers made to a spouse, or to a person or
10  persons in the lineal line of consanguinity of one or more of
11  the transferors.
12         6.  Transfers between spouses resulting from a judgment
13  of dissolution of marriage or of legal separation of the
14  parties or from a property settlement agreement incidental to
15  that judgment.
16         7.  Transfers or exchanges to or from any governmental
17  entity.
18         8.  Transfers by sale, resale, exchange, or installment
19  land sales contract of any manufactured mobile home, mobile
20  home park, or residential manufactured building.
21         (b)  Transfers not subject to this section may be
22  subject to other disclosure requirements. In transfers that
23  are not subject to this section, agents may make required
24  disclosures in a separate writing.
25         (3)(a)  The disclosures required by this section are
26  set forth in, and shall be made on a copy of, the following
27  Property Identification Disclosure Statement:
28  
29  PROPERTY IDENTIFICATION DISCLOSURE STATEMENT
30  
31  
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 1  This statement applies to the following property:
 2  _____________________
 3  
 4  The transferor and his or her agent(s) disclose the following
 5  information with the knowledge that even though this is not a
 6  warranty, prospective transferees may rely on this information
 7  in deciding whether and on what terms to purchase the subject
 8  property.
 9  
10  Transferor hereby authorizes any agent(s) representing any
11  principal(s) in this action to provide a copy of this
12  statement to any person or entity in connection with any
13  actual or anticipated sale of the property.
14  
15  The following are representations made by the transferor and
16  his or her agent(s) based on their knowledge and official maps
17  and information prepared by the state and federal governments.
18  This information is a disclosure and is not intended to be
19  part of any contract between the transferee and transferor.
20  
21  THIS REAL PROPERTY LIES WITHIN THE FOLLOWING AREA(S):
22  
23         (1)  A SPECIAL FLOOD HAZARD AREA (Any type Zone "A" or
24  "V") designated by the Federal Emergency Management Agency.
25  Yes _____   No _____   Do not know and information not
26  available ____   Pending _____
27  
28         (2)  ON SOILS WITH VERY SEVERE CONSTRAINTS FOR
29  DEVELOPMENT, pursuant to maps issued by the United States
30  Department of Agriculture or other readily available and
31  officially adopted governmental maps and information.
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 1  Yes _____   No _____   Do not know and information not
 2  available _____   Pending _____
 3         (3)  AN AREA IMPACTED BY SINKHOLE ACTIVITY pursuant to
 4  readily available and officially adopted governmental maps and
 5  information.
 6  Yes _____   No _____   Do not know and information not
 7  available _____   Pending _____
 8  
 9         (4)  WITHIN ONE QUARTER OF A MILE OF A WELLHEAD
10  PROTECTION AREA pursuant to maps issued by the Department of
11  Environmental Protection and Water Management Districts or
12  other readily available and officially adopted governmental
13  maps and information.
14  Yes _____  No _____ Do not know and information not
15  available _____ Pending _____
16  
17         (5)  A PRIORITY WETLAND ZONE pursuant to maps issued by
18  the Fish and Wildlife Conservation Commission or other readily
19  available and officially adopted governmental maps and
20  information.
21  Yes _____   No _____   Do not know and information not
22  available _____   Pending _____
23  
24         (6)  A STRATEGIC HABITAT CONSERVATION AREA pursuant to
25  maps issued by the Fish and Wildlife Conservation Commission
26  or other readily available and officially adopted governmental
27  maps and information.
28  Yes _____   No _____   Do not know and information not
29  available _____   Pending _____
30  
31  
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 1         (7)  WITHIN A QUARTER MILE OF AN AIRPORT INFLUENCE AREA
 2  approved by the Federal Aviation Administration, or other
 3  readily available and officially adopted governmental maps and
 4  information.
 5  Yes _____   No _____   Do not know and information not
 6  available _____   Pending _____
 7  
 8         (8)  WITHIN A QUARTER OF A MILE OF AN ENVIRONMENTAL
 9  HAZARD SITE including Leaking Underground Storage Tanks, Solid
10  Waste Landfills, Incinerators or Transfer Stations, National
11  Priority List Sites, and/or CERCLIS Sites under review by the
12  United States Environmental Protection Agency.
13  Yes _____   No _____   Do not know and information not
14  available _____   Pending _____
15  
16         (9)  WITHIN A MAPPED RADON GAS POTENTIAL ZONE pursuant
17  to maps issued by the United States Environmental Protection
18  Agency or other readily available and officially adopted
19  governmental maps and information.
20  Yes _____   No _____   Do not know and information not
21  available _____   Pending _____
22  
23  THESE ZONES MAY LIMIT YOUR ABILITY TO DEVELOP THE REAL
24  PROPERTY, TO OBTAIN INSURANCE, OR TO RECEIVE ASSISTANCE AFTER
25  A DISASTER.
26  
27  THE MAPS AND INFORMATION ON WHICH THESE DISCLOSURES ARE BASED
28  ARE ESTIMATES WHERE THE APPLICABLE ZONES AND PROTECTED LANDS
29  EXIST. THEY ARE NOT DEFINITIVE INDICATORS OF WHETHER OR NOT A
30  PROPERTY WILL BE AFFECTED BY A NATURAL OR ENVIRONMENTAL
31  DISASTER. TRANSFEREE(S) AND TRANSFEROR(S) MAY WISH TO OBTAIN
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 1  PROFESSIONAL ADVICE REGARDING THESE AND OTHER HAZARDS AND
 2  PROTECTION ZONES THAT MAY AFFECT THE PROPERTY.
 3  
 4  Transferor represents that the information herein is true and
 5  correct to the best of the transferor's knowledge as of the
 6  date signed by the transferor.
 7  
 8  Signature of Transferor __________________   Date ____________
 9  
10  Signature of Transferor __________________   Date ____________
11  
12  Agent represents that the information herein is true and
13  correct to the best of the agent's knowledge as of the date
14  signed by the agent.
15  
16  Signature of Transferor's Agent ___________________
17  Date __________
18  
19  Signature of Transferor's Agent ___________________
20  Date __________
21  
22  Transferee represents that he or she has read and understands
23  this document.
24  
25  Signature of Transferee ________________   Date ___________
26  
27  Signature of Transferee ________________   Date ___________
28         (b)  If a map or accompanying information is not of
29  sufficient accuracy or scale that a reasonable person can
30  determine if the subject real property is included in an
31  applicable area, the transferor or transferor's agent shall
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 1  mark "Yes" on the Property Identification Disclosure
 2  Statement. The transferor or transferor's agent may mark "No"
 3  on the Property Identification Disclosure Statement if he or
 4  she attaches a report prepared pursuant to paragraph (5)(c)
 5  which verifies that the property is not in the applicable
 6  zone. This paragraph does not limit or abridge any existing
 7  duty of the transferor or the transferor's agents to exercise
 8  reasonable care in making a determination under this
 9  subsection.
10         (c)  If the Federal Emergency Management Agency has
11  issued a Letter of Map Revision confirming that a property is
12  no longer within a special flood hazard area, the transferor
13  or transferor's agent may mark "No" on the Property
14  Identification Disclosure Statement, even if the map has not
15  yet been updated.
16         (d)  If the Federal Emergency Management Agency has
17  issued a Letter of Map Revision confirming that a property is
18  within a special flood hazard area and the location of the
19  letter has been posted then the transferor or transferor's
20  agent shall mark "Yes" on the Property Identification
21  Disclosure Statement, even if the map has not yet been
22  updated.
23         (f)  The disclosure required by this section is a
24  disclosure only between the transferor, the transferor's
25  agents, and the transferee, and may not be used by any other
26  party, including, but not limited to, insurance companies,
27  lenders, or governmental agencies, for any purpose.
28         (g)  In any transaction in which a transferor has
29  accepted, prior to the effective date of this section, an
30  offer to purchase, the transferor, or his or her agent, shall
31  be deemed to have complied with the requirement of paragraph
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 1  (a) if the transferor or agent delivers to the prospective
 2  transferee a statement that includes substantially the same
 3  information and warning as the Property Identification
 4  Disclosure Statement.
 5         (4)(a)  The transferor of any real property subject to
 6  this section shall deliver to the prospective transferee the
 7  written statement required by this section, as follows:
 8         1.  In the case of a sale, as soon as practicable
 9  before transfer of title.
10         2.  In the case of transfer by a real property sales
11  contract or by a lease together with an option to purchase, or
12  a ground lease coupled with improvements, as soon as
13  practicable before execution of the contract. For the purpose
14  of this subparagraph, "execution" means the making or
15  acceptance of an offer.
16         (b)  The transferor shall indicate compliance with this
17  section either on the receipt for deposit, the real property
18  sales contract, the lease, any addendum attached thereto, or
19  on a separate document.
20         (c)  If any disclosure, or any material amendment of
21  any disclosure, required to be made pursuant to this section
22  is delivered after the execution of an offer to purchase, the
23  transferee shall have 3 days after delivery in person or 5
24  days after delivery by deposit in the mail to terminate his or
25  her offer by delivery of a written notice of termination to
26  the transferor or the transferor's agent.
27         (5)(a)  Neither the transferor nor any listing or
28  selling agent shall be liable for any error, inaccuracy, or
29  omission of any information delivered pursuant to this section
30  if the error, inaccuracy, or omission was not within the
31  personal knowledge of the transferor or the listing or selling
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 1  agent, and was based on information timely provided by public
 2  agencies or by other persons providing information as
 3  specified in paragraph (c) which is required to be disclosed
 4  pursuant to this section, and ordinary care was exercised in
 5  obtaining and transmitting the information.
 6         (b)  The delivery of any information required to be
 7  disclosed by this section to a prospective transferee by a
 8  third party providing information required to be disclosed
 9  pursuant to this section shall be deemed to comply with the
10  requirements of this section and shall relieve the transferor
11  or any listing or selling agent of any further duty under this
12  section with respect to that item of information.
13         (c)  The delivery of a report or opinion prepared by a
14  licensed engineer, land surveyor, or expert in locating the
15  applicable zones on readily available official governmental
16  maps and information concerning matters within the scope of
17  the professional's license or expertise is sufficient
18  compliance for application of the exemption provided by
19  paragraph (a) if the information is provided to the
20  prospective transferee pursuant to a request therefore,
21  whether written or oral. In responding to that request, an
22  expert may indicate, in writing, an understanding that the
23  information provided will be used in fulfilling the
24  requirements of subsection (3) and, if so, shall indicate the
25  required disclosures, or parts thereof, to which the
26  information being furnished is applicable. If that statement
27  is furnished, the expert is not responsible for any items of
28  information, or parts thereof, other than those expressly set
29  forth in the statement.
30         (d)  A third party providing the information on behalf
31  of the transferor and the transferor's agent fulfilling the
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 1  requirements of subsection (3) to be disclosed by this section
 2  shall maintain a minimum of $20 million of insurance
 3  protection to protect the transferor and the agents for any
 4  errors or omissions made by the third party.
 5         (6)(a)  After a transferor and his or her agent comply
 6  with subsection (3), they are relieved of further duty under
 7  this section with respect to those items of information. The
 8  transferor and his or her agent are not required to provide
 9  notice to the transferee if the information provided
10  subsequently becomes inaccurate as a result of any
11  governmental action, map revision, changed information, or
12  other act or occurrence, unless the transferor or agent has
13  actual knowledge that the information has become inaccurate.
14         (b)  If information disclosed in accordance with this
15  section is subsequently rendered inaccurate as a result of any
16  governmental action, map revision, changed information, or
17  other act or occurrence subsequent to the delivery of the
18  required disclosures, the inaccuracy resulting therefrom does
19  not constitute a violation of this section.
20         (7)  Each disclosure required by this section and each
21  act that may be performed in making the disclosure shall be
22  made in good faith. For purposes of this section, "good faith"
23  means honesty in fact in the conduct of the transaction.
24         (8)  The specification of items for disclosure in this
25  section does not limit or abridge any obligation for
26  disclosure created by any other provision of law or that may
27  exist in order to avoid fraud, misrepresentation, or deceit in
28  the transfer transaction. The Legislature does not intend to
29  affect the existing obligations of the parties to a real
30  estate contract, or their agents, or to disclose any fact
31  materially affecting the value and desirability of the
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 1  property, including, but not limited to, the physical
 2  condition of the property and previously received reports of
 3  physical inspection.
 4         (9)  Any disclosure made pursuant to this section may
 5  be amended in writing by the transferor or his or her agent,
 6  but the amendment shall be subject to subsection (4).
 7         (10)  Delivery of disclosures required by this section
 8  shall be by personal delivery to the transferee or by mail to
 9  the prospective transferee. For the purposes of this section,
10  delivery to the spouse of a transferee shall be deemed
11  delivery to the transferee, unless provided otherwise by
12  contract.
13         (11)  Any person or entity, other than a real estate
14  licensee licensed in this state and acting in the capacity of
15  an escrow agent for the transfer of real property subject to
16  this section, shall not be deemed the agent of the transferor
17  or transferee for purposes of the disclosure requirements of
18  this section unless the person or entity is empowered to so
19  act by an express written agreement to that effect. The extent
20  of that agency shall be governed by the written agreement.
21         (12)(a)  If more than one licensed real estate broker
22  is acting as an agent in a transaction subject to this
23  section, the broker who has obtained the offer made by the
24  transferee shall, except as otherwise provided in this
25  section, deliver the disclosure required by this section to
26  the transferee, unless the transferor has given other written
27  instructions for delivery.
28         (b)  If a licensed real estate broker responsible for
29  delivering the disclosure under this section cannot obtain the
30  disclosure document required and does not have written
31  assurance from the transferee that the disclosure has been
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 1  received, the broker shall advise the transferee in writing of
 2  his or her rights to the disclosure. A licensed real estate
 3  broker responsible for delivering disclosures under this
 4  section shall maintain a record of the action taken to effect
 5  compliance of the transaction.
 6         (13)  A transfer subject to this section may not be
 7  invalidated solely because of the failure of any person to
 8  comply with any provision of this section. However, any person
 9  who willfully or negligently violates or fails to perform any
10  duty prescribed by any provision of this section shall be
11  liable in the amount of actual damages suffered by a
12  transferee.
13         (14)(a)  As used in this section, the term "listing
14  agent" means an individual who has obtained a listing of
15  property of the kind in respect of which he or she is
16  authorized by law to act as an agent for compensation.
17         (b)  As used in this section, the term "selling agent"
18  means an individual who acts in cooperation with a listing
19  agent and who sells, or finds and obtains a buyer for, the
20  property.
21         Section 2.  This act shall take effect July 1, 2003.
22  
23          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
24                         Senate Bill 2018
25                                 
26  Requires that a transferor or his or her agent make certain
    disclosures with respect to the sale or transfer of real
27  property. Requires that property located within a flood hazard
    area, an area with severe constraints for development, an area
28  having sinkhole activity, a wellhead protection area, a
    priority wetland zone, a habitat conservation area, an airport
29  influence area, an enviromental site, or a radon gas zone be
    identified by use of a Property Identification Disclosure
30  Statement. Provides requirements for the form. Requires that
    third parties providing information for purposes of such
31  disclosures maintain a minimum of $20 million in insurance
    protection. (See bill for details)
                                  18
CODING: Words stricken are deletions; words underlined are additions.